Nigerian Stock Market Kicks Off August on Positive Note
The equity segment of the Nigerian Exchange (NGX) kicks off August trading on a positive note as investors’ fortune inched higher amidst the second-quarter earnings packed season.
Following today’s rally, local equity investors gained N30 billion while the all-share index edged higher 0.15 per cent as the benchmark index printed at 38,604.72 points.
The gain recorded sees year to date losses moderated to -4.1 per cent while market capitalisation increased to N20.111 trillion due to bargain hunting in big names on the local bourse.
Corporate earnings results continue to drive sentiments on the bourse as market participants see upward price movement in ZENITH BANK, ETI, FBNH, MTNN, NASCON, CHIPLC, MBENEFIT, JBERGER, WEMA, and LINKASSUR.
However, like the previous week, market breadth remains negative with 17 gainers versus 28 losers.
Data from the Nigerian Exchange shows that market activities closed on a lower note with both the volume and value of stocks traded on the exchange declining by 36.90 per cent and 50.00 per cent respectively.
A total of 244.28 million units of shares valued at N1.90 billion, were traded in 4,609 deals.
TRANSCORP led the volume chart, accounting for 16.50 per cent of the total volume of trades, followed by CILEASING (10.69%) FCMB (7.26%) OANDO (4.82%), and SOVRENINS (3.37%) to complete the top five on the volume chart.
GTCO led the value chart accounting for 11.85 per cent of the total value of trade on the exchange.
JBERGER, NPFMCRFBK, REGALINS topped the gainers’ chart, with their share prices advancing by 8.89 per cent, 8.00 per cent, and 7.14 per cent, respectively.
ETERNA led the losers’ table with its share price depreciating by 10.00 per cent to close at N6.39 after opening the day at N7.10. Afrinvest said in its market report that performance across sectors under its coverage was bearish as 4 indices lost while 2 indices gained.
The Oil & Gas and Consumer Goods indices led the losers, down 0.6% and 0.4% respectively due to sell-offs in OANDO (-1.8%), ETERNA (-10.0%), DANGSUGAR (-5.4%) and HONYFLOUR (-0.6%).
Followed by the Industrial Goods and Insurance indices which fell by 0.3% and 0.2% respectively due to price depreciation in WAPCO (-5.0%), WAPIC (-3.6%), and AIICO (-3.7%).
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On the flip side, the AFR-ICT and Banking indices gained 1.1% and 2bps on the back of bargain hunting in MTNN (+1.8%) and ZENITH (+0.2%).
“In the next trading session, we anticipate a bullish performance on the domestic bourse driven by bargain hunting activities”, Afrinvest said.
Nigerian Stock Market Kicks Off August on Positive Note
